Bank of England votes 7-1 to hold key rate at 0.25%

The Bank of England on Thursday left its key interest rate at 0.25%, meeting widely held expectations. The vote to hold the rate steady was 7-1, with board member Kristen Forbes backing an increase. The central bank left unchanged the size of its asset purchase program at £435 billion ($562 billion) and its corporate-bond purchase program at £10 billion. The bank in its quarterly inflation report reduced its forecast for 2017 economic growth to 1.9% from 2%. The pound fell to $1.2878 from $1.2925 just ahead of the decision. Sterling bought $1.2931 late Wednesday in New York.